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A co-signer is fully legally responsible for the debt of the loan if the other person on the loan fails to pay as per the signed loan contract. All rights and responsibilities are in the contract.
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∙ 13y ago
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If you cosigned for a car loan how can you get out of the loan?
The loan must be paid off or the lender must agree in writing to remove your name from the obligation.
You cosigned a loan and your daughter has not paid the payment for 10 months Can you take her to small claims court to sue her for non payment?
If you made the payment, yes.
If you cosigned a private student loan for your daughter at which time she was 19yrs of age who is legally liable to repay the loan back?
If you co-signed a loan, you are fully and equally responsible for repaying it until such time as it is fully paid off or forgiven.
Can a lawyer still bill a deceased person?
Yes, but he is unlikely to get paid. The family of the deceased owes nothing for the decedent's debt load unless they cosigned a loan.
If you cosigned a loan and the person filed a bankruptcy and you paid the debt how do you raise your scores or remove it from the report?
The B/K should be on the other persons CR. The fact that you paid the loan should be reflected on your CR. IF you paid asap, it should look like a PIF loan. No problem. Unless the B/K is fiction on your report, you don't remove it. That's what CR are for, to report facts.
How do I clear my name from a car I cosigned for?
About the only way to clear your name is for the loan to be paid off. If the car goes to the repo man, you're liability and credit history are still involved.
Can you sue your ex boyfriend after paid off a loan you cosigned for him and you paid it off now?
You can check with a lawyer, but I will guess probably not. Because you co-signed for the loan, you were legally obligated to pay it off if your ex-boyfriend could not or did not. Therefore, you assumed the risk of having to pay the loan and because of that probably cannot sue your ex-boyfriend for leaving you on the hook for it.
Will your credit go down if you cosigned on a car loan and a student loan?
YOUR CREDIT CANNOT GO DOWN? UNLESS YOU FORGET TO PAY THE LOANS ON TIME. IN FACT YOUR CREDIT WILL GO UP AND YOU'LL BE ABLE TO BUY MORE STUFF AS THE LOANS ARE PAID OFF.
I cosigned on an automobile loan and insurance for my son. Who is responsible if the insurance is not paid up and he gets in an accident?
As a cosigner, You are jointly and separately liable for any and all amounts that might arise out of the finance note you guaranteed.
What are the rights of a borrower on a car loan?
Very little actually. They have the right to use the vehicle as long as they are current in their loan payments to the lender (who is the ACTUAL owner of the car, until the loan is paid off).
Rights and responsibilities of borrowing?
As a loan borrower you have the right to a grace period and an explanation, deferment of repayment for certain periods, forbearance, and documentation that your loan was paid in full. It is your responsibility to repay your loan in full.
How do you get out of responsibility for a loan if you are a cosigner?
The loan must be paid off. Until then you are responsible.The loan must be paid off. Until then you are responsible.The loan must be paid off. Until then you are responsible.The loan must be paid off. Until then you are responsible.
